Founded in 1969, NIRI is the professional association of corporate officers and investor relations consultants responsible for communication among corporate management, shareholders, securities analysts and other financial community constituents. The largest professional investor relations association in the world, NIRI’s more than 3,300 members represent over 1,600 publicly held companies and $9 trillion in stock market capitalization.
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July 11, 2013
NIRI Releases Updated Standards of Practice
For Earnings Release Content
National Investor Relations Institute (NIRI) has released an updated set of
“Standards of Practice for Investor Relations: Earnings Release Content.” These
comprehensive guidelines are designed to reflect current best practices in the
United States concerning quarterly earnings release basic content, format and
quality of information.
voluntary guidelines are based on various sources of information, including
Regulation FD (Fair Disclosure) and other U.S. Securities and Exchange
Commission rules, recommendations from the SEC’s Advisory Committee on
Improvements to Financial Reporting (CIFiR), the requirements of the Private
Securities Litigation Reform Act (PSLRA), plain English recommendations,
articles by practitioners in the field, and feedback from both the media and
the investment community.
NIRI first addressed these issues in
“Guidelines for improving the quality of earnings announcements,” an appendix
in the 2004 NIRI Standards of Practice for Investor Relations. In 2007, NIRI
surveyed the membership on current practices respecting quarterly press release
disclosures and timing, and presented the findings to the CIFiR Subcommittee on
Delivering Financial Information in 2008. After consulting with members and
non-members, NIRI published a set of voluntary standards in 2009. This 2013
volume includes updated data on NIRI members’ practices concerning earning
calls and earnings guidance, and incorporates SEC rules and guidance on social
media, XBRL, and the use of corporate websites.
The 24-page Earnings Release volume includes:
a Template for Quarterly Earnings Release Content; Earnings Call Practices and
Use of Corporate Websites for Disclosure; CFA Institute Recommendations; and a
Suggested Checklist of Actions for Earnings Release. These updated guidelines
represent one component of NIRI’s broader Standards of Practice for Investor
Relations, which are available on the NIRI website at:(www.niri.org/StandardsofPractice.aspx).
NIRI wishes to acknowledge the assistance of
a working group of NIRI members who provided invaluable suggestions to ensure
that this updated volume was as current as possible. The working group
included: Matthew Stroud of Darden Restaurants Inc.; Maureen Wolff of Sharon Merrill
Associates; Lois Yurow of Investor Communications Services; Carol Merry of
Fahlgren Mortine; and Michael Becker of Business Wire.
members may access an electronic version of these standards at no cost. Members
and non-members may purchase a professionally printed and bound version via the
Standards of Practice
page of the NIRI website: (www.niri.org/StandardsofPractice.aspx). Members will
receive a significant discount when ordering the printed volumes.
About the National Investor Relations Institute (NIRI)
Founded in 1969, NIRI (www.NIRI.org) is the professional association of corporate officers and investor relations consultants responsible for communication among corporate management, shareholders, securities analysts and other financial community constituents. NIRI is the largest professional investor relations association in the world with more than 3,300 members representing 1,600 publicly held companies and $9 trillion in stock market capitalization.
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